US stocks fall on strong August jobs data, rate hike fears

New York [US], September 5: Major US stock market indices ended Friday's session in negative territory.
The S&P 500 fell 29.58 points, or 0.38%, to end at 7,718.13 points.
The Nasdaq Composite dropped 78.62 points, or 0.30%, to close at 26,505.44 points.
The Dow Jones Industrial Average slid 279.20 points, or 0.54%, to finish at 53,398.15 points.
The declines followed the release of a stronger-than-expected August employment report, which showed the US economy added 162,000 jobs-significantly exceeding market forecasts.
The unexpected strength in hiring, coupled with an unchanged 4.1% unemployment rate, heightened investor concerns that the Federal Reserve could implement another interest rate hike at its upcoming policy meeting to curb persistent inflationary pressures.
Source: Emirates News Agency